The Henley and Partners 2023 Africa Wealth Report stated that classic car collection was becoming increasingly and significantly more popular in Kenya among other African countries.
The report released on Tuesday, March 28, detailed that the number of millionaires was growing in Kenya hence the rising demand for classic cars.
Further, it listed nine classic car models that the wealthy in the country would rush to buy including the original Porsche 911 Turbo (1970s), the Ferrari 355 (1990s), and the Porsche 911 Carrera RS (1970s).
Other car models indicated on the list included the Aston Martin DB5 (1960s), the Lamborghini Countach (1980s), and the Mercedes-Benz 300 SL ‘Gullwing’ (1950s).
The 1980 Lamborghini Countach was worth Ksh55,973,559, while the 1950 Mercedes-Benz 300 SL ‘Gullwing’ sold for ksh197,925,000.
The 1960s Aston Martin DB5 sold for Ksh113,054,232 while the 1970s Porsche 911 Carrera was worth Ksh64,669,540.
According to the report, other African countries noted to have a surge in demand for the mentioned classic cars included South Africa, Egypt, and Morocco.
“Collecting is forecast to become significantly more popular in Africa going forward, especially in the more established car markets such as South Africa, Kenya, Egypt, and Morocco,” the report read in part.
At the same time, the report ranked Kenya as the fourth wealthiest country in Africa accounting for 56 per cent of Africa’s high net worth individuals together with South Africa, Egypt, Nigeria, and Morocco.
Nairobi was also ranked the 5th city with the highest number of dollar millionaires in Africa having 4,700 dollar millionaires.
The ranking was informed by the Visa-free score on the Henley Passport Index, the percentage of the world’s destinations that can be accessed visa-free, National share of global GDP.
Some of the factors listed that encourage wealth growth in a country include strong safety and security, growth in key sectors, media freedom, robust ownership rights, a well-developed banking system and the stock market, wealth migration, and tax rates.
“As wealth grows on the continent, we expect to see investment migration continue to gain ground in Africa, not only on the demand side but also on the supply side, with more and more African nations looking to launch their own programs to increase the inflow of capital and talent,” the report added.
Henley and Partners is a global leader in residence and citizenship by investment with its headquarters in London, England.
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